Lactic Acid Market Is The Next Big Thing | Fortune

The global lactic acid market size is expected to reach USD 8.77 billion by 2025, as per a new report by Grand View Research Inc. It is anticipated to register a CAGR of 18.7% during the forecast period. Rapid expansion of pharmaceutical industry on account of rising need for the pharmaceutical grade creams and medicines among consumers is expected to boost lactic acid demand over the forecast period.

High initial investment and volatile raw material cost are the factors estimated to restrain market growth. Cost of raw materials varies according to the source of raw material, its availability, and production. The manufacturers look for raw materials which are low priced and effective in nature.

The biodegradable nature of lactic acid is projected to play a significant role in the industry growth. The production of packaging products (rigid, loose fill, and compost bags) by utilizing bio-based materials has made a positive impact on the environment. Growing consumer awareness regarding recyclability and green packaging is expected to drive PLA demand in future.

Lactic acid products are exclusively used to manufacture hygiene and cosmetic products in personal care and oral care industry owing to its moisturizing, rejuvenating, and antimicrobial properties. Some of the newest applications are the production of solvents, biodegradable & biocompatible PLA polymers, and oxygenated chemicals.

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Lactic Acid Market Report Highlights

• The demand for lactic acid is expected to exhibit a positive trend in food and beverage industry on account of its use as a flavoring agent and a preservative
• Growing pharmaceutical industry in the U.S. as a result of increasing spending on medicines is expected to have a positive impact on lactic acid market growth
• Brazil is considered to be the fourth largest market for cosmetics and personal care industry owing to high demand for personal care products and increasing per capita income

Mergers & acquisitions and joint ventures is expected to remain a key critical success factor among industry participants over the next eight years